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BM Solutions Product Transfer rates from 1.55%

BM Solutions mortgage product transfer rates – dropping

New rates available from 1st July 2020

BM Solutions Buy to Let product transfer rates – 2 year fixed

  • 1.55% Fixed until 31st October 2022 £999 product fee (can be added)
  • 1.91% Fixed until 31st October 2022 no product fee

BM Solutions Buy to Let product transfer rates – 5 year fixed

  • 1.83% Fixed until 31st October 2025 £999 product fee (can be added)
  • 2.01% Fixed until 31st October 2025 no product fee

Birmingham Midshires buy to let existing customers need to arrange a product transfer through specialist brokers like ourselves. The good news is that we can arrange a BM Product Transfer for you swiftly, easily, and free of charge.

Even better, we assist you, without meetings, and without paperwork.


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Birmingham Midshires buy to let existing customers (lending 60% -75% loan to value)

BM Solutions Buy to Let product transfer rates – 2 year fixed (60%-75% LTV)

  • 1.79 Fixed until 31st October 2022 £999 product fee (can be added)
  • 2.25 Fixed until 31st October 2022 no product fee

BM Solutions Buy to Let product transfer rates – 5 year fixed (60%-75% LTV)

  • 2.13 Fixed until 31st October 2025 £999 product fee (can be added)
  • 2.36 Fixed until 31st October 2025 no product fee

How our Birmingham Midshires buy to let existing customers mortgage Product Transfer Service works

  • Birmingham Midshires buy to let existing customer?
  • Looking to request a Product Transfer?
  • Make one simple phone call to 020 8783 9951
  • Prefer to work online? click here

The cost of inaction

As a Birmingham Midshires buy to let existing customer you will need assistance when your current buy to let rate ends to avoid moving onto the BM Solutions revert rate of 4.44%.
If you have borrowings of just £150,000 you are wasting up to £142 a month by not moving off of the BM revert rate.

That’s like paying for a Gas Safety Certificate every month.

How it works

We need the following information to arrange your BM Solution Buy to Let mortgage product transfer.

  • Your mortgage account number (11 digits starts with a 2)
  • The full postal address of the buy to let property
  • Your full name(s) and contacts details
  • Your home address
  • Your date of birth

Once we have the above we can check with the lender your outstanding mortgage balance, lenders estimate of your property value and your product transfer options.

You can then decide your preference.

We then request the new rate from the BM on your behalf and you have a single Authority Form to sign.

That’s it.

BM Solutions product transfers and early repayment charges

  • We can secure a new BM Solutions product transfer rate for you within 90 days of the expiry date of your current product
  • We can start the new BM Solutions product transfer rate for you within 60 days of expiry of the current product -without incurring an early redemption charge
  • Should you wish to pay off a lump sum you can pay off up to 10% of your mortgage anniversary balance each year without penalty
  • If you wish to pay off more than this amount we can arrange for you to pay up to 40% of your anniversary balance in conjunction with a product transfer

Example

Balance on last anniversary of taking the mortgage £285,000

Current balance £285,000

Current product ends 30/09/2020

Early redemption charge 3%

We can secure a new rate from 3rd July 2020 to start from 2nd August 2020

Ordinarily, you can overpay £28,500 without charges (anything above that is charged at £30 per £1,000)

However, as part of the product transfer process you can overpay by up to £114,000 (40%) without charge

Today’s Birmingham Midshires existing customer Let to Buy Product Transfer Rates

Applicable if you Let the property previously in order to purchase another

BM Solutions Let to Buy product transfer rates – 2 year fixed

      • 1.55% Fixed until 31st October 2022 £999 product fee (can be added)
      • 1.79% Fixed until 31st October 2022 no product fee

BM Solutions Let to Buy product transfer rates – 5 year fixed

      • 1.83% Fixed until 31st October 2025 £999 product fee (can be added)
      • 2.01% Fixed until 31st October 2025 no product fee

BM Solutions Buy to Let and Product Transfer Early redemption penalties

Two year fixed rates

      • Year 1 – 2% early redemption penalty
      • Year 2 – 1% early redemption penalty

10% overpayment allowed each year on all products
Subject to change – Check your mortgage offer for details on your own mortgage contract

Five year fixed rates

      • Year 1 – 5% early redemption penalty
      • Year 2 – 4% early redemption penalty
      • Year 3 – 3% early redemption penalty
      • Year 4 – 2% early redemption penalty
      • Year 5 – 1% early redemption penalty

10% overpayment allowed each year on all products
Subject to change – Check your mortgage offer for details on your own mortgage contract

BM Solutions Let to Buy Purchase and Remortgage Early redemption penalties

Two year fixed rates

      • Year 1 – 2% early redemption penalty
      • Year 2 – 1% early redemption penalty

10% over payment allowed each year on all products
Subject to change – Check your mortgage offer for details on your own mortgage contract

Five year fixed rates

      • Year 1 – 5% early redemption penalty
      • Year 2 – 4% early redemption penalty
      • Year 3 – 3% early redemption penalty
      • Year 4 – 2% early redemption penalty
      • Year 5 – 1% early redemption penalty

10% over payment allowed each year on all products
Subject to change – Check your mortgage offer for details on your own mortgage contract

How do BM Solutions product transfer rates compare?

The rates available from Birmingham Midshires on product transfer are competitive, but they may be more favourable rates available elsewhere on the market.

Being whole of market brokers we can, if requested, run a comparison for you so that you can ensure you get the best deal possible.

Remember, if you decide to move to a new lender rather than taking a product transfer you will need to:

      • Pass a credit score with the new lender
      • Have the property valued
      • Prove your rental income*
      • Prove bank statements (with most lenders)
      • Prove your earned income (with most lenders)
      • Cover legal costs (although some lenders will pay these for you)

*Recent changes to rental calculations across the buy to let mortgage may mean that under current circumstances your rental income may not be sufficient to support your existing lending. This may stop you raising funding from a new lender, but does not affect your ability to request a product transfer

BM Solutions Further Advances

What if I want to raise additional funds?
Should you wish to raise extra funding against your property we can help you with this.

Further Advances are available from BM Solutions today at a rate of 2.16% with no product fee.

That extra funding can be raised in one of three ways.

      • Via Birmingham Midshires – Further Advance
      • From a second lender – Second Charge Lending
      • From a new Lender – Through a full re-mortgage

We can help you decide the best options available to you and handle everything.

Remember, we are an online independent mortgage broker which means no meetings and no paperwork.

Mortgage Product Transfer with another Lender? – click below

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